SAND/USD has weakened from $6.16 to $0.73 since January 01, 2022, and the current price stands at $1.35.
Technically looking, the risk of another decline is not over, but if the price jumps above the resistance that stands at $2, the next price target could be at $2.5.
Anybody who is registered on The Sandbox can now create assets
The Sandbox is a community-driven platform built on the Ethereum blockchain that operates a decentralized virtual gaming world.
The Sandbox enables its users to explore, purchase and create structures that can be monetized, and it also tracks ownership of the digital LAND and non-fungible tokens (NFTs) on its application.
The first version of The Sandbox was released as a mobile game in early 2012, while the Sandbox team held an initial coin offering (ICO) in August 2020.
The current game market has limitations like centralized ownership and content control, while the Sandbox aims to make a deeply immersive metaverse in which players can create virtual worlds and games collaboratively and without a central authority.
In this way, players can monetize their gaming experiences and have true ownership of their creations as non-fungible tokens (NFTs).
SAND is the native token of the Sandbox platform, and according to the official website of Sandbox, the supply of SAND is limited to 3 billion tokens.
SAND is an ERC-20 token that serves as the basis for transactions, but it is also important to mention that it is also a governance token that allows holders to participate in governance decisions of the platform.
Many important projects collaborate with Sandbox, and the team behind this project is constantly working on new features and upgrades.
Last week, the Sandbox team announced that anybody registered on The Sandbox can now create assets, test them in the Game Maker, and share their experience in the Game Maker Gallery.
Technical analysis
The cryptocurrency market has been advancing last several days, Bitcoin has jumped above $24000 this Wednesday, and this situation also positively influences the price of the Sandbox (SAND).
Despite this, SAND remains under pressure, and according to Markus Jalmerot, co-founder and director of CryptoLists.com, the crypto market could experience one more drastic sell-off before it’s on the road to recovery. Markus Jalmerot, co-founder and director of Crypto Lists Ltd, said:
Investors are concerned about the risk of recession, and if central banks continue to act aggressively, this could potentially move the global economy toward a recession. In that situation, the Sandbox (SAND) and most other cryptocurrencies could decline again.
The Sandbox (SAND) is trading currently above $1.30, but it would be a strong sell signal if the price falls again below $1 support.
The next price target could be around $0.8 or even below; still, if the price jumps above $2, we have the open way to $2.5.
Summary
The Sandbox is a community-driven platform that enables its users to explore, purchase and create structures that can be monetized. The Sandbox (SAND) is trading currently above $1.35, but it would be a strong sell signal if the price falls again below $1 support.
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from Market Analysis – Invezz
